GE Capital Real Estate UK has sold three single-let distribution warehouses in Derbyshire to Standard Life Investments Property Income Trust for £28.65m, an initial yield of 7%.
The 480,000 sq ft portfolio comprises Denby 242 in Ripley, let to TechnoCargo Logistics; Tetron 93 in Swadlincote, let to Chesapeake; and Tetron 141, also in Swadlincote, let to Euro Car Parts.
The properties have a weighted average unexpired lease term to break of 5.4 years and produce a total income of circa £2,130,000 per annum.
GE Capital Real Estate were advised by Lindley Mortimer and the purchaser by Conway Relf.
GECRE equity asset manager Greg Davison said: “Following a successful leasing initiative, and having tracked the regional industrial market for the past few years, we felt the time was right to expose these properties to the market.
“The lack of stock and growing appetite for regional investments, coupled with the dynamics of the properties, made this a sensible time to offload in line with the overriding objectives of the business. Grouping the properties into a portfolio allowed us to draw interest from a number of investors enabling an excellent price to be achieved in the current market.”
chris.berkin@estatesgazette.com
